All Forum Posts by: Ray Hage

 Hey Patricia. I have a great guy for you. He is based in Miami but since it is a big job, he would be interested. What kind home is it?

Yep it’s a pain in the butt but well worth it. I had to redo the bathrooms as well and dealing with old crappy plumbing was not fun. Took a bit longer than expected. Frankly I hate plumbing now lol

 I was doing that strategy for quite a while and still do. Lately, I have rehabbed 2 properties to increase the LTRs by a lot. So far so good! I have also got into lending as well. I haven't done a flip yet but I am open to it. LTR buy and hold has served me very well and I think a good basis in RE for most people

@Jonathan Pechmajou It is a beautiful home but I think overpriced if you are getting absolutely no interest in it. I'd consider lowering the rental rate a bit to see if it picks up. Also, have you noticed homes in that area renting unfurnished? That may be the way to go. You have it listed in all the right places so it has to be one of those 2 problems.

@Account Closed Unfortunately you are correct, you are still responsible for all the costs of the property. I assume you didn't have insurance on it? It is specifically "Fair Rental Value" that should be included in your plan. Anyhow, if you don't have it, you have to either be stuck with paying the expenses. Do you know why the work is stalled? Is it the city with permitting issues or is it the contractor doing the work, etc? How much more time is expected?

If you're goal is to keep it, you could take a short term personal loan or cash advance with your credit card. With Bank of America credit card, I took out a large cash advance for a 4% fee and no interest until after 12 months (if you do this, make sure you can pay it all off within the 12 months because the interest rates goes to 24%!). You'll have to check your expected future cashflows if you decide to take the loan.

 With rates this high, I would avoid the buy down! Just refinance in about a year or two when the rates are expected to be lower. There is guarantee of course...but the Fed is strongly signaling it plans to lower. 

 I generally stay away from these courses as they don't usually help much. Anyhow, I am both an investor and an agent. I put several contingencies in my contracts to protect my buyers. First, you have the inspection period (try to get at least 7 days). Then have a financing and insurance contingencies. The more avenues you have to get out of a bad property, the better.

 I would imagine it is a combination of problems. Most agents are pretty awful at their job and secondly, the good ones may not want to deal with you especially if you have an attitude. It's ok to be demanding but you have to be offering something as well. You may have better luck working with a wholesaler if you want some really beat up/distressed homes.

 Hi there, I currently house hack and have other investments as well. Do you have any particular questions? 

@Patricia Steiner

Thanks for the info here! I looked into it as well and it seemed fake/scammy especially after reading this thread